Although health IT developer Eclipsys showed an uptick in revenue for its fiscal 2009 first quarter (end-March 31), the firm posted a net loss for the period.
Based on generally accepted accounting principles (GAAP), the company reported revenues for the quarter of $130.2 million, an increase compared with revenues of $124.4 million in the same quarter last year.
However, Eclipsys booked a net loss of $865,000 for the first quarter, compared with net income of $290,000 in the same period last year.
Excluding expenses, non-GAAP net income for the first quarter of 2009 was $9.6 million, compared with first quarter 2008 non-GAAP net income of $8.1 million, the company reported.
Non-GAAP net income excludes stock-based compensation expense, acquisition related amortization, and certain additional items that the company said it "does not consider to be indicative of its underlying business performance."
For first quarter 2009, these additional items were costs associated with the previously announced reduction in its professional services capacity to reflect current and projected business volume and other staff reductions and severance obligations incurred in the quarter, as well as the effect of the purchase accounting adjustments in connection with the acquisition of Premise, Eclipsys noted.